1. (a) A person may acquire an option or an interest in a contract to purchase real property and then sell or offer to sell the option or assign or offer to assign the contract without holding a license issued under this chapter if the person:

   1. (1) does not use the option or contract to purchase to engage in real estate brokerage; and
   2. (2) discloses in writing the nature of the equitable interest to any seller or potential buyer.
2. (b) A person selling or offering to sell an option or assigning or offering to assign an interest in a contract to purchase real property without disclosing the nature of that interest as provided by Subsection (a)(2) is engaging in real estate brokerage.

Added by Acts 2017, 85th Leg., R.S., Ch. 974 (S.B. 2212), Sec. 1, eff. September 1, 2017.

Acts 2023, 88th Leg., R.S., Ch. 94 (S.B. 1577), Sec. 4, eff. January 1, 2024.